WFCF Where Food Comes From Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 12, 2024

 

WHERE FOOD COMES FROM, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Colorado		001-40314		43-1802805
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

 

202 6th Street, Suite 400
Castle Rock, Colorado		80104
(Address of Principal Executive Offices)		(Zip Code)

 

(303) 895-3002

(Registrant’s Telephone Number, Including Area Code)

 

Not applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		WFCF		The NASDAQ Stock Market LLC

 

 

 

Item 2.02

Results of Operations and Financial Condition

 

Reference is made to the Where Food Comes From, Inc. (the “Company”) press release on November 12, 2024 and conference call transcript, attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein (including, without limitation, the information set forth in the cautionary statement contained in the press release and conference call transcript), relating to the Company’s financial results for the three and nine month period ended September 30, 2024.

 

Item 9.01

Financial Statements and Exhibits

 

(d)

Exhibits

 

	Exhibit No.		Description
	99.1		Press Release issued and dated November 12, 2024
	99.2		Transcript for November 12, 2024 conference call
	104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	WHERE FOOD COMES FROM, INC. (Registrant)
	By:	/s/ Dannette Henning
Date: November 14, 2024		Dannette Henning
		Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

Where Food Comes From, Inc. Reports 2024 Third Quarter and Nine-Month Financial Results

 

Third Quarter Highlights – 2024 vs. 2023

 

	●	Verification and certification revenue up 2% to $5.5 million from $5.4 million
	●	Product sales up 9% to $1.3 million from $1.2 million
	●	Total revenue up 1% to $7.1 million from $7.0 million
	●	Net income down 32% to $492,000 from $723,000
	●	Diluted EPS of $0.09 vs. $0.13
	●	Adjusted EBITDA of $0.8 million vs. $1.2 million
	●	Company buys back 66,620 shares of stock in third quarter

 

Nine Month Highlights – 2024 vs. 2023

 

	●	Verification and certification revenue up 9% to $15.2 million from $13.9 million
	●	Product sales decline 8% to $2.9 million from $3.1 million
	●	Total revenue up 4% to $19.1 million from $18.4 million
	●	Net income decreases 16% to $1.2 million from $1.4 million
	●	Diluted EPS of $0.21 vs. $0.24
	●	Adjusted EBITDA of $2.1 million vs. $2.5 million
	●	Cash generated from operations increased 6% to $2.8 million from $2.6 million
	●	Cash & cash equivalents increase to $2.8 million vs. $2.6 million at 2023 year-end
	●	Year-to-date stock buybacks and private repurchases total 216,039 shares

 

CASTLE ROCK, Colo., Nov. 12, 2024 (GLOBE NEWSWIRE) — Where Food Comes From, Inc. (WFCF) (Nasdaq: WFCF), the most trusted resource for independent, third-party verification of food production practices in North America, today announced financial results for its third quarter and nine months ended September 30, 2024.

 

“We continue to grow our top line and generate solid profitability despite headwinds impacting our core beef verification business,” said John Saunders, chairman and CEO. “While growth rates for beef verification and related tag revenue have slowed due to cyclical herd contraction, our other service offerings have more than compensated as consumer demand for verifications across multiple food groups and claims continues to rise. On a year-to-date basis, total revenue increased 4% to $19.1 million, and we posted solid net income of $1.2 million, or $0.21 per diluted share. We generated $2.8 million in cash from operations through nine months, up 6% year-over-year, and continued to allocate cash to our stock buyback program. We retired 66,620 shares of common stock in the third quarter, raising to 216,039 the total number of shares we have repurchased in 2024.

 

“As more ranchers become familiar with the use of electronic tags now required by a recent USDA rule covering certain classes of cattle, we are hopeful we can enroll more cattle into our voluntary, value-added programs,” Saunders added. “Electronic tags have long been a cornerstone of our verification programs because they allow us to verify cattle claims at the speed of commerce – claims that help producers differentiate their beef products and capture sales premiums. Although the ruling has a number of controversial implications for the cattle industry, one very positive outcome is ranchers will now have the option to participate in one or more of our many verification programs their cattle weren’t previously eligible for.”

 

Third Quarter Results – 2024 vs. 2023

 

Total revenue in the third quarter ended September 30, 2024, increased 1% to $7.1 million from $7.0 million.

 

 

Revenue mix:

 

	●	Verification and certification services, up 2% to $5.5 million from $5.4 million.
	●	Product revenue increased 9% to $1.3 million from $1.2 million.
	●	Professional services revenue of $0.3 million vs. $0.4 million.

 

Gross profit in the third quarter declined slightly to $2.8 million from $2.9 million.

 

Selling, general and administrative expense increased 13% to $2.2 million from $1.9 million, reflecting increased marketing, personnel and travel costs.

 

Operating income declined 36% to $0.6 million from $0.9 million.

 

Net income declined 32% to $0.5 million, or $0.09 per diluted share, from $0.7 million, or $0.13 per diluted share.

 

Adjusted EBITDA in the third quarter was down 29% at $0.8 million vs. $1.2 million.

 

The Company bought back 66,620 shares of its common stock in the third quarter at a cost of $734,000.

 

Nine Month Results – 2024 vs. 2023

 

Total revenue for the nine months ended September 30, 2024, increased 4% to $19.1 million from $18.4 million in the same period last year.

 

Revenue mix:

 

	●	Verification and certification services, up 9% to $15.2 million from $13.9 million.
	●	Product revenue, down 8% to $2.9 million from $3.1 million.
	●	Professional services revenue of $1.0 million compared to $1.3 million.

 

Gross profit through nine months was up 3% year over year to $7.8 million from $7.5 million.

 

Selling, general and administrative expense increased 10% to $6.3 million from $5.7 million due primarily to the aforementioned increases in marketing, personnel and travel expenses.

 

Operating income declined 18% to $1.5 million from $1.8 million.

 

Net income through nine months decreased 16% to $1.2 million, or $0.21 per diluted share, compared to net income of $1.4 million, or $0.24 per diluted share, in the prior year period.

 

Adjusted EBITDA was 15% lower at $2.1 million vs. $2.5 million.

 

The Company generated $2.8 million in cash from operations through nine months compared to $2.6 million in the same period last year – an increase of 6%.

 

The cash and cash equivalents balance at September 30^th increased to $2.8 million from $2.6 million at 2023 year-end.

 

Through the first nine months of 2024 the Company bought back 216,039 shares of its stock.

 

The Company will conduct a conference call today at 10:00 a.m. Mountain Time.

 

Call-in numbers for the conference call:

 

Domestic Toll Free: 1-877-407-8289
International: 1-201-689-8341
Conference Code: 13749738

 

 

Phone replay:

 

A telephone replay of the conference call will be available through November 26, 2024, as follows:
Domestic Toll Free: 1-877-660-6853
International: 1-201-612-7415
Conference Code: 13749738

 

About Where Food Comes From, Inc.

 

Where Food Comes From, Inc. is America’s trusted resource for third party verification of food production practices. Through proprietary technology and patented business processes, the Company estimates that it supports more than 17,500 farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, consumer brands and restaurants with a wide variety of value-added services. Through its IMI Global, Validus Verification Services, SureHarvest, WFCF Organic, and Postelsia units, Where Food Comes From solutions are used to verify food claims, optimize production practices and enable food supply chains with analytics and data driven insights. In addition, the Company’s Where Food Comes From® retail and restaurant labeling program uses web-based customer education tools to connect consumers to the sources of the food they purchase, increasing meaningful consumer engagement for our clients.

 

*Note on non-GAAP Financial Measures

 

This press release and the accompanying tables include a discussion of EBITDA and Adjusted EBITDA, which are non-GAAP financial measures provided as a complement to the results provided in accordance with generally accepted accounting principles (“GAAP”). The term “EBITDA” refers to a financial measure that we define as earnings (net income or loss) plus or minus net interest plus taxes, depreciation and amortization. Adjusted EBITDA excludes from EBITDA stock-based compensation and, when appropriate, other items that management does not utilize in assessing WFCF’s operating performance (as further described in the attached financial schedules). None of these non-GAAP financial measures are recognized terms under GAAP and do not purport to be an alternative to net income as an indicator of operating performance or any other GAAP measure. We have reconciled Adjusted EBITDA to GAAP net income in the Consolidated Statements of Income table at the end of this release. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting.

 

CAUTIONARY STATEMENT

 

This news release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Forward-looking statements are inherently uncertain, and actual events could differ materially from the Company’s predictions. Important factors that could cause actual events to vary from predictions include those discussed in our SEC filings. Specifically, statements in this news release about industry leadership, expectations to benefit from USDA mandates, expectations that the number of cattle becoming eligible for the Company’s programs will grow significantly, expectations for growth of the SOW Organic program, and demand for, and impact and efficacy of, the Company’s products and services on the marketplace are forward-looking statements that are subject to a variety of factors, including availability of capital, personnel and other resources; competition; governmental regulation of the agricultural industry; the market for beef and other commodities; and other factors. Financial results for 2024 and the Company’s pace of stock buybacks are not necessarily indicative of future results. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update its forward-looking statements to reflect new information or developments. For a more extensive discussion of the Company’s business, please refer to the Company’s SEC filings at www.sec.gov.

 

Company Contacts:

 

John Saunders
Chief Executive Officer
303-895-3002

 

Jay Pfeiffer
Director, Investor Relations
303-880-9000
jpfeiffer@wherefoodcomesfrom.com

 

 

Where Food Comes From, Inc.

Statements of Operations (Unaudited)

 

		Three months ended September 30,								Nine months ended September 30,
(Amounts in thousands, except per share amounts)		2024				2023				2024				2023
Revenues:
Verification and certification service revenue		$	5,486			$	5,359			$	15,172			$	13,944
Product sales			1,329				1,221				2,881				3,130
Professional services			292				431				1,031				1,330
Total revenues			7,107				7,011				19,084				18,404
Costs of revenues:
Costs of verification and certification services			3,288				3,123				8,831				8,055
Costs of products			841				681				1,744				1,804
Costs of professional services			204				341				748				1,030
Total costs of revenues			4,333				4,145				11,323				10,889
Gross profit			2,774				2,866				7,761				7,515
Selling, general and administrative expenses			2,166				1,920				6,309				5,741
Income from operations			608				946				1,452				1,774
Other income/(expense):
Dividend income from Progressive Beef			50				50				150				150
Gain on sale of assets			1				-				1				5
Loss on foreign currency exchange			-				(2	)			(4	)			(6	)
Other income, net			15				16				29				36
Interest expense			(1	)			(1	)			(3	)			(3	)
Income before income taxes			673				1,009				1,625				1,956
Income tax expense			181				286				466				580
Net income		$	492			$	723			$	1,159			$	1,376
Per share - net income:
Basic		$	0.09			$	0.13			$	0.22			$	0.25
Diluted		$	0.09			$	0.13			$	0.21			$	0.24
Weighted average number of common shares outstanding:
Basic			5,342				5,599				5,398				5,605
Diluted			5,357				5,658				5,415				5,669

 

 

Where Food Comes From, Inc.

Calculation of Adjusted EBITDA*

(Unaudited)

 

		Three months ended September 30,								Nine months ended September 30,
(Amounts in thousands)		2024				2023				2024				2023
Net income		$	492			$	723			$	1,159			$	1,376
Adjustments to EBITDA:
Interest expense			1				1				3				3
Income tax expense			181				286				466				580
Depreciation and amortization			156				153				467				488
EBITDA*			830				1,163				2,095				2,447
Adjustments:
Stock-based compensation			-				6				11				38
Cost of acquisitions			-				-				-				-
ADJUSTED EBITDA*		$	830			$	1,169			$	2,106			$	2,485

 

* Use of Non-GAAP Financial Measures: Non-GAAP results are presented only as a supplement to the financial statements and for use within management’s discussion and analysis based on U.S. generally accepted accounting principles (GAAP). The non-GAAP financial information is provided to enhance the reader’s understanding of the Company’s financial performance, but non-GAAP measures should not be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures are provided herein.

 

All of the items included in the reconciliation from net income to EBITDA and from EBITDA to Adjusted EBITDA are either (i) non-cash items (e.g., depreciation, amortization of purchased intangibles, stock-based compensation, etc.) or (ii) items that management does not consider to be useful in assessing the Company’s ongoing operating performance (e.g., M&A costs, income taxes, gain on sale of investments, loss on disposal of assets, etc.). In the case of the non-cash items, management believes that investors can better assess the Company’s operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect the Company’s ability to generate free cash flow or invest in its business.

 

We use, and we believe investors benefit from the presentation of, EBITDA and Adjusted EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.

 

Because not all companies use identical calculations, the Company’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. However, these measures can still be useful in evaluating the Company’s performance against its peer companies because management believes the measures provide users with valuable insight into key components of GAAP financial disclosures.

 

 

Where Food Comes From, Inc.

Balance Sheets

 

		September 30,				December 31,
(Amounts in thousands, except per share amounts)		2024				2023
			(Unaudited)				(Audited)
Assets
Current assets:
Cash and cash equivalents		$	2,757			$	2,641
Accounts receivable, net of allowance			2,234				2,128
Inventory			1,089				1,109
Prepaid expenses and other current assets			1,309				335
Total current assets			7,389				6,213
Property and equipment, net			760				844
Right-of-use assets, net			2,144				2,296
Equity investments			1,191				1,191
Intangible and other assets, net			2,035				2,303
Goodwill, net			2,946				2,946
Deferred tax assets, net			481				493
Total assets		$	16,946			$	16,286
Liabilities and Equity
Current liabilities:
Accounts payable		$	873			$	567
Accrued expenses and other current liabilities			1,842				615
Deferred revenue			2,146				1,485
Current portion of finance lease obligations			15				14
Current portion of operating lease obligations			335				298
Total current liabilities			5,211				2,979
Finance lease obligations, net of current portion			29				41
Operating lease obligation, net of current portion			2,252				2,447
Total liabilities			7,492				5,467
Commitments and contingencies
Equity:
Preferred stock, $0.001 par value; 5,000 shares authorized; none issued or outstanding			-				-
Common stock, $0.001 par value; 95,000 shares authorized; 6,447 (2024) and 6,516 (2023) shares issued, and 5,297 (2024) and 5,503 (2023) shares outstanding			7				7
Additional paid-in-capital			11,358				12,290
Treasury stock of 1,149 (2024) and 1,014 (2023) shares			(12,811	)			(11,219	)
Retained earnings			10,900				9,741
Total equity			9,454				10,819
Total liabilities and stockholders’ equity		$	16,946			$	16,286

 

 

 

Exhibit 99.2

 

Where Food Comes From, Inc.

2024 Third Quarter Conference Call

Call date: Tuesday November 12, 2024

Call time: 10:00 a.m. Mountain Time

 

Jay Pfeiffer – Investor Relations

 

Good morning and welcome to the Where Food Comes From 2024 third quarter earnings call.

 

Joining me on the call today are CEO John Saunders, President Leann Saunders, and Chief Financial Officer Dannette Henning.

 

During this call we’ll make forward-looking statements based on current expectations, estimates and projections that are subject to risk. Statements about current and future financial performance, growth strategy, customers, business opportunities, market acceptance of our products and services, and potential acquisitions are forward looking statements. Listeners should not place undue reliance on these statements as there are many factors that could cause actual results to differ materially from our forward-looking statements. We encourage you to review our publicly filed documents as well as our news releases and website for more information. Today we’ll also discuss Adjusted EBITDA, a non-GAAP financial measure provided as a complement to GAAP results. Please refer to today’s earnings release for important disclosures regarding non-GAAP measures.

 

I’ll now turn the call over to John Saunders.

 

John Saunders

 

Good morning and thanks for joining the call today.

 

Total revenue in the third quarter increased slightly to $7.1 million from $7.0 million.

 

That included a 2% increase in verification and certification services – to $5.5 million from $5.4 million year over year.

 

It also included an increase in product revenue, which rose 9% — or about $100,000 – to $1.3 million from $1.2 million.

 

Professional services revenue declined to $0.3 million from $0.4 million year over year.

 

Gross profit in the third quarter declined slightly to $2.8 million from $2.9 million.

 

SG&A increased 13% year over year to $2.2 million from $1.9 million, reflecting higher marketing, personnel and travel costs.

 

As a result of higher fixed costs and lower operating margins, we reported a 32% decline in net income to $0.5 million, or $0.09 per diluted share, vs. $0.7 million, or $0.13 per diluted share, last year.

 

Adjusted EBITDA in the third quarter was 29% lower at $0.8 million vs. $1.2 million.

 

We continued our share buyback program in the third quarter, repurchasing 66,620 shares of stock at a cost of $734,000.

 

 

Turning to nine-month results…

 

Total revenue through nine months increased 4% to $19.1 million from $18.4 million in the same period last year.

 

Revenue mix included:

 

Verification and certification services, up 9% to $15.2 million from $13.9 million.

 

Product revenue, down 8% to $2.9 million from $3.1 million.

 

And professional services revenue of $1.0 million compared to $1.3 million.

 

Gross profit through nine months was $7.8 million, up 3% from $7.5 million a year ago.

 

SG&A expense increased 10% to $6.3 million from $5.7 million due to the aforementioned increases in marketing, personnel and travel costs.

 

Operating income year-to-date declined 18% to $1.5 million from $1.8 million.

 

Net income through nine months decreased 16% to $1.2 million, or $0.21 per diluted share, compared to net income of $1.4 million, or $0.24 per diluted share, in the prior year period.

 

Adjusted EBITDA was $2.1 million versus $2.5 million year over year.

 

We generated $2.8 million in cash from operations through nine months, which was a 6% increase compared to $2.6 million in the same period last year.

 

Our cash and cash equivalents balance through nine months increased 4% to $2.8 million from $2.6 million at 2023 year-end.

 

We have a solid balance sheet with no long-term debt.

 

Through the first nine months of 2024 we bought back 216,039 shares of stock. That total included 135,838 shares as part of our ongoing buyback program and another 80,201 shares in a single private purchase.

 

Given the persistent headwinds in our beef verification business, we’re pleased with our overall business performance. We expect those headwinds to continue until the cyclical herd downsizing begins to cycle back around and the impact of drought conditions subsides.

 

As you probably know, our beef business – which includes multiple verification services as well as hardware sales – is our largest revenue generator, so I’ll reiterate that we’re very fortunate to have a diverse, non-beef services mix that right now is more than compensating for the temporary slowdown in beef-related revenue.

 

On another topic, a question we frequently hear from investors is, How might government regulation play into our growth potential – both with our beef business and other traceability and verification activities? That’s a particularly timely question today due to a couple recent developments relating to USDA activities. We touched on this in our earnings release this morning, but I’d like to provide some more color because we think it’s important that investors understand the potential positive impact of these developments.

 

The first involves the USDA’s Animal Disease Traceability (or, ADT) program. We’ve been talking about this for several years and are now able to report some meaningful forward progress with this initiative. In April of this year the USDA issued its final rule to strengthen procedures and compliance for animal disease traceability in order to enhance the regulator’s ability to manage an animal disease outbreak. A key component of the new rule is a requirement that, for certain classes of cattle, ranchers transition to electronic RFID tags from the traditional metal clip tags that must be read manually. Beginning last week, on November 5^th, in order to qualify for interstate transport, heifers over 18 months, dairy cattle, bulls and certain other animals destined for interstate transfer are required to have electronic RFID tags.

 

 

As you know, we have required RFID/EID tags for years because they allow the beef supply chain to read tags and verify cattle claims at the speed of commerce. These tags are critical to our ability to accurately trace cattle and to ensure that the claims producers are making about their beef products have been verified by an independent third party.

 

So, what does all this mean for Where Food Comes From?

 

Well, in the short term, we’re already seeing a positive impact in terms of new tag customers coming on board, although this growth has been slower than we’d hoped due to the USDA’s decision to provide ranchers with tags as subsidies to help soften the financial impact of the new requirement. Whether those subsidies are sustainable is yet to be determined because there are a few complicating factors – chief among them, the continuing availability of federal funding and potential tax implications for ranchers.

 

Another important consideration is that these subsidies limit ranchers to vanilla, one-dimensional tags as opposed to the more versatile, customizable tags that we provide our customers.

 

We also think there’s a high likelihood that some ranchers now transitioning to electronic tags for traceability purposes will determine they may as well take full advantage of those tags by engaging in one or more of our value-add programs to help them capture higher sales prices for their beef.

 

Our long-term view on this change is, the more cattle with RFID tags translates into a much larger addressable market for us over time. We estimate that up to an additional 10 million head of cattle will be RFID-tagged over the next year or so with the potential for another 90 million cattle becoming eligible for our value-add programs over the next 10 years. That gives us a lot of runway considering our current annual tag run rate is roughly 2.5 million. For those of you doing the math, your next question is what percentage of those additional tagged cattle will we be able to convert to customers for our value-add services. That’s a great question but one we’re not ready to speculate on at this early stage. What I will say is, we believe this transition will inevitably lead to a new growth phase in our beef business.

 

A second recent example of how government regulation is impacting our business is the new ‘Strengthening Organic Enforcement (or, SOE) rule implemented by the USDA National Organic Program. This rule is designed to increase transparency and reduce fraud in organic certification claims. It is the most significant update to organic regulations since the Organic Foods Production Act of 1990.

 

Specifically, SOE requires domestic brands and producers as well as importers of organic products to comply with new requirements around record keeping and reporting, supply chain traceability audits, label review, inspections and other processes. In addition, it mandates that other participants in the supply chain – entities once exempt from oversight – must now comply with the same requirements as the producers and brands themselves. These include brokers, traders, co-manufacturers and other entities.

 

Our organic business has been a strength for us in recent years as we’ve dedicated significant resources to new customer acquisition as well as refinement of our SOW Organic technology platform that directly addresses key requirements of the SOE program at a time when compliance is becoming more challenging and costly. SOW Organic automates the process of achieving and annually renewing organic certification, replacing cumbersome paper-based processes with easy-to-use software that our customers depend on to lower costs and streamline compliance. The software is flexible and nimble, accepting changes in real time that are immediately available on our end.

 

So, as usual, we’ve got a lot going on across multiple fronts. I’m proud of the work we’re doing and how individuals throughout or organization continue to lead the industry in innovating new solutions that benefit producers and consumers of agricultural products in the United States. We believe we are positioned to remain at the forefront of our industry for years to come.

 

And, with that, I’ll turn the call over to questions.

 

v3.24.3

Cover	Nov. 12, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 12, 2024
Entity File Number	001-40314
Entity Registrant Name	WHERE FOOD COMES FROM, INC.
Entity Central Index Key	0001360565
Entity Tax Identification Number	43-1802805
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	202 6th Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Castle Rock
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80104
City Area Code	(303)
Local Phone Number	895-3002
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	WFCF
Security Exchange Name	NASDAQ
Entity Information, Former Legal or Registered Name	Not applicable

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